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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Can a buyer assume a loan in which it's not under the seller's name but the previous owner that went in foreclosure. Posted by Mirela28 on February 24, 2004 at 10:50 PM Hi I've a potential buyer that's interested in assuming the 1st loan which is around 97k and giving me 60k cash. The problem is that we reinstated the 1st. so it'll not go in foreclosure, so it's still under the previous owner's name. Can this potential buyer still assume the loan even if it's not under our name. I'm tempted to call the bank and ask: although, I don't think they'll be able to give me any answers since it's not my loan. What advice can you give me? Should I be careful of such transaction? I've heard that's a quick sell in maybe 15 days, but what are the dissadvantages if any? Thank you, Mirela Follow Ups: Letting the cat out of the bag... Ward-CA- 8:29 AM, 02/25/04 (0) Dat's my loan ! - Don't be messin missy!! BUBBA 11:20 PM, 02/24/04 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Hi : I've a potential buyer that's interested in assuming the 1st loan which is around 97k and giving me 60k cash. : The problem is that we reinstated the 1st. so it'll not go in foreclosure, so it's still under the previous owner's name. : Can this potential buyer still assume the loan even if it's not under our name. I'm tempted to call the bank and ask: although, I don't think they'll be able to give me any answers since it's not my loan. : What advice can you give me? Should I be careful of such transaction? I've heard that's a quick sell in maybe 15 days, but what are the dissadvantages if any? : Thank you, : Mirela Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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